Risk management is an important part of business nowadays. ITIL is considered a framework best practice guidance for IT service management.The main objective of ITIL Risk Management is to identify, assess and control risks. This involves analyzing the value of assets to the business, identifying threats to those assets etc.Risks from business and IT perspective regarding their impact to the business processes and thus is a major influencing factor in service design.Visit custom essays if you have worried about your academic writing works.